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Ethereum Price Prediction Daily (23-Nov): Ethereum Price Testing This Key Level. What Now?

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Ethereum Price Testing This Key Level. What Now? Watch this price prediction in the 15 minutes timeframe

Ethereum Price Testing This Key Level. What Now? Watch this price prediction in the 15 minutes timeframe
Ethereum Price Testing This Key Level. What Now? Watch this price prediction in the 15 minutes timeframe

The Ethereum price is currently rejecting off a key level in the 15 minutes timeframe. This could be the start of a move lower for the Altcoin price.

In this Ethereum analysis, we will be breaking down the key levels we are currently watching and the bearish pattern we are currently tracking.

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Ethereum Bearish Pattern

Ethereum Price Bouncing Is The Sell-Off Over?Ethereum Price Bouncing Is The Sell-Off Over?
Ethereum price prediction from a previous analysis Ethereum Price Bouncing Is The Sell-Off Over?

Earlier this week the Ethereum price broke down from a triangle pattern that was forming in the 15 minutes timeframe. This bearish breakdown was a strong indicator that Ethereum might remain bearish for the short term.

The Triangle pattern is a very unique pattern as it can help us predict the next few moves of an asset once it breaks out. And that breakout is what we are witnessing happen on Ethereum.

This bearish pattern remains valid as far as the Ethereum price continues to trade below the $1,235 key level. The image above is from our bearish price prediction on Ethereum Ethereum Price Bouncing Is The Sell-Off Over?

Final Verdict!

We are still very bearish on the Ethereum price for now. And the key pattern supporting this bearish prediction in Ethereum is the Triangle pattern currently playing out in the 15 minutes timeframe.

This pattern is still yet to be completed as we believe that Ethereum needs to smash our bearish target of $979 for the Altcoin sell-off to be over.

This bearish move is still yet to happen, so we will be keeping a close eye on the Ethereum price in the coming days to see how the Altcoin reacts at this current level.

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Crypto Derivatives DEXs Reposition for Life After FTX

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Crypto Derivatives DEXs Reposition for Life After FTX


That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda.


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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.


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Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits – Mining Bitcoin News

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Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.

Bitcoin’s Hashrate Slips Lower

The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.

There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC’s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH/s. Since then, the hashrate has divebombed and slid below the 200 EH/s range on Nov. 26.

Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

Presently, bitcoin miners have managed to rise above the 200 EH/s region, to the current 236 EH/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.

At the time of writing, the estimated cost of bitcoin production ($16,956) is awfully close to the leading crypto asset’s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC’s spot market value. With a drop in BTC production costs, it makes it easier for current operators to survive.

Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today’s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network’s total hashrate.

Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, bitcoin mining sector, block rewards, block times, Blocks, braiins.com, cash reserves, Change in Difficulty, Cost of Production, Cryptoslate, difficulty change, difficulty retarget, glassnode, Hash Price, Macromicro.me, Miners, mining, Mining BTC, Mining Difficulty, Mining Operations, Mining Pools, Mining Report, pay down debt, selling BTC

What do you think about the current state of Bitcoin’s hashrate? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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